综合一区欧美国产,99国产麻豆免费精品,九九精品黄色录像,亚洲激情青青草,久久亚洲熟妇熟,中文字幕av在线播放,国产一区二区卡,九九久久国产精品,久久精品视频免费

Business / Companies

Sinopec sells $17.5b stake in retail unit to investors

(Agencies) Updated: 2014-09-15 10:22
Sinopec sells $17.5b stake in retail unit to investors

A Sinopec logo is seen on top of a logo of Easy Joy store at a gas station in Beijing, Sept 16, 2011. [Photo/Agencies]

Sinopec Corp will sell a 107.1 billion yuan ($17.5 billion) stake in its retail unit to a group of 25 Chinese and foreign investors, Asia's top oil refiner said in a statement on Sunday.

The sale, the country's biggest privatization since president Xi Jinping came to power, comes as China's government pushes to restructure its State-owned enterprises by bringing in private capital and expertise.

Leading investors on the deal to buy a combined 29.99 percent of Sinopec include one of China's biggest asset managers Harvest Fund Management Co Ltd taking 15 billion yuan with its subsidiary Harvest Capital Management. China Life Insurance and a consortium that includes People's Insurance Group of China Co Ltd and Tencent Holdings Ltd are each taking 10 billion yuan stakes.

Sinopec sells $17.5b stake in retail unit to investors
Sinopec retail plans on track
Sinopec sells $17.5b stake in retail unit to investors
Sinopec, Yhd ink branding deal 
Other investors include Fosun International, China gas supplier ENN Energy Holdings Ltd and white goods maker Haier Electronics Group Co Ltd.

Asia private equity firm RRJ Capital, founded by former Goldman Sachs and Hopu Investment Management dealmaker Richard Ong, is among foreign investors in the deal with a 3.6 billion yuan stake.

Sinopec's marketing and distribution unit, which includes a wholesale business, has more than 30,000 petrol stations, over 23,000 convenience stores, as well as oil-product pipelines and storage facilities.

The deal will boost the value of the low-margin marketing business, bolster the group's finances and reinforce investment in exploration and production.

Sinopec's chairman, Fu Chengyu, has previously said the investors are expected to bring in expertise and ideas to improve non-fuel sales at its petrol stations.

Unlike in Western markets, where non-fuel businesses - convenience stores and things like fast food or car washing - can account for more than half of a station's profits, more than 99 percent of Sinopec's retail sales come from petrol.

In the past few months Sinopec has signed agreements with multiple Chinese companies to make more use of its petrol stations and provide more services to consumers.

In August the company signed a preliminary deal with internet giant Tencent to introduce digital commerce to the retail arm.

Hot Topics

Editor's Picks
...
...
华阴市| 乐亭县| 满洲里市| 福海县| 广灵县| 乌苏市| 中江县| 桦南县| 海丰县| 清苑县| 库伦旗| 石城县| 米易县| 阿瓦提县| 江阴市| 沁阳市| 大名县| 叙永县| 新泰市| 奉贤区| 台东县| 阿图什市| 阳山县| 鄂伦春自治旗| 桓仁| 潢川县| 盐津县| 南充市| 伊宁县| 青浦区| 红安县| 克山县| 保德县| 阆中市| 建始县| 礼泉县| 合山市| 石河子市| 嵊州市| 乌拉特中旗| 名山县|